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Probate Query

  • 13-09-2013 9:35pm
    #1
    Woodville56
    Closed Accounts Posts: 1,643 ✭✭✭


    HI Boarders, hoping for clarification on probate issues for a friend - apologies if in wrong forum , If so perhaps Moderator can redirect
    situation as follows -
    • A friend (niece of deceased) was bequeathed an estate valued at 200k (consisting of property & cash at bank)
    • The niece is sole beneficiary of estate, Will made and now going for probate
    • Solr quoting 3% value of estate (+ vat) in fees for extraction of probate process = 6k + vat !!!
      1. - is this a standard fee for probate work ??
      2. - Is this fee deductible from value of estate before tax due to Revenue is calculated ??
      3. After personal allowance €30k on bequest , is tax rate on balance = 33% - is this correct ?
    any guidance would be appreciated
    Thanks !


Comments

  • #2
    Peregrinus
    Registered Users, Registered Users 2 Posts: 26,998 ✭✭✭✭Peregrinus


    Who's the executor?


  • #3
    Woodville56
    Closed Accounts Posts: 1,643 ✭✭✭Woodville56


    Peregrinus wrote: »
    Who's the executor?

    Hi Peregrinus, a friend of deceased is the executor, not related to beneficiary


  • #4
    Peregrinus
    Registered Users, Registered Users 2 Posts: 26,998 ✭✭✭✭Peregrinus


    The appointment of a solicitor is a matter for the executor. I've no idea whether the fee suggested is the market rate, but the executor can - and I think should if the beneficiary is concerned - shop around before making an appointment.

    As to the tax, yes, only the net value of the inheritance received is taxable.

    The tax-free threshhold is €30,150. There are limited circumstanced in which a neice could be entitled to the tax-free threshold of a child - basically, when inheriting the business in which she works - but you don't suggest that anything like that is happening here. There are also reliefs if you inherit your main residence but, again, you don't suggest that applies here.

    But the threshhold applies to all gifts and inheritances which the neice has received since 1991, so it may have been partly or wholly used up already.

    Everything above the threshhold is taxed at 33%.


  • #5
    Owryan
    Closed Accounts Posts: 4,024 ✭✭✭Owryan


    With regards to the fee, when I was getting prices off solicitors with respect to getting probate on my parents estate the normal price was 2% plus vat, charges for the probate and other such fees were seperate.


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